Truth in Savings
Share Savings and Share Certificates Guide

Truth in Savings
Share Savings Accounts

Share Savings Account
Christmas Club Account
Vacation Savings Account
Other Special Savings Account

Minimum Balance Requirements

As a condition of membership, you must purchase one $25.00 share and keep it on deposit in a Share Savings Account in the Credit Union. This is the minimum balance to be eligible to apply for all of the services provided by the Credit Union. Your Share Savings Account is the first account you will open and the last account you will close. You must maintain a minimum daily balance of $100.00 in each savings account you open to obtain the disclosed annual percentage yield. The $25.00 initial share deposit is not used to cover NSF or Overdraft items in your Share Savings or Share Draft Account.

Transaction Limitations

During any month you exceed four (4) withdrawals, your account will be subject to a fee of $2.00 for each withdrawal over four.

Rate Information

The dividend rate APR and annual percentage yield APY may change at any time, as determined by the Credit Union Board of Directors. (See rate sheet for further rate information.)

Nature of Dividends

Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period. Dividends will be compounded and credited to your account monthly. The dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1. All other dividend periods follow the same pattern of dates. The dividend declaration date is the last day of the dividend period and for the example above is January 31. If you close your account before dividends are credited, you will not receive accrued dividends. Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is calculated by adding the balance in the account at the end of each day of the period and dividing that figure by the number of days in the period.. Dividends will begin to accrue on the day we deposit checks or cash to your account. Our 'day' is considered 'days we are open' Monday through Saturday, excluding Credit Union holidays.

Statements

Share Savings Statements are mailed quarterly unless you have other services, ie Tyme card, Draft Account. Statements are then mailed monthly.

Truth in Savings
Share Certificates of Deposit

Minimum Balance Requirement

The minimum balance to open this account is $500.00. A $25.00 minimum balance must be maintained in a Share Savings Account at all times. After the account is opened, you may not make deposits into the account until the maturity date stated on the certificate.

Automatic Renewal/Grace Period

The account will automatically renew at maturity. You will have a grace period of ten(10) days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Earnings in the account at the commencement of a renewal term shall be deemed merged with the principal.

Early Withdrawal Penalties

Dividends credited during the current term of the certificate may be withdrawn without penalty. After maturity and upon renewal, all credited dividends become part of principal and may be subject to an early withdrawal penalty. The penalty will equal 90 days of dividends on the entire account balance.

Dividends

The dividend rate on your term share account is fixed. You will be paid this rate until the maturity of your certificate. Dividends begin to accrue when you open the Certificate of Deposit. Dividends will be paid and compounded quarterly if paid to the Certificate. The dividend period is quarterly. For example, the beginning date of the dividend period is January 1 and the ending date of such dividend period is March 31. All other dividend periods follow the same pattern of dates. The APY, annual percentage yield, is based on an assumption that dividends will remain in the account until maturity. Dividends can also be paid quarterly to a Share Account or paid by a check to you. A withdrawal will reduce earnings.

Contributing Certificates of Deposit

Contributing Certificates of Deposit require a minimum deposit of $250.00. A $25.00 minimum balance must be maintained in a Share Savings Account at all times. Star rates do not apply to Contributing Certificates of Deposit. You may deposit at anytime into the Contributing Certificate of Deposit. Above rules regarding: Share Certificate of Deposit Dividends, Automatic Renewal/Grace Period and Early Withdrawal Penalties apply to Contributing Certificates of Deposit.